Recently signed a property and got my loan approved. I've signed it.

Shortly after, FMCO took place. The weekend before implementation, the sales agent brought the necessary document on behalf of the lawyer that requires stamping to be signed off in order to make the HOC that was supposedly ending by May (it didnt end, i know)

The lawyer has called me today and wanted me to travel to their office, (25KM away) with their MITI approval letter to complete the signatures for the rest of the documents.

I understand that once loan with bank is approved, it has to be released within 3 months otherwise forfeited (betul ka?) Any risk if i wish to delay this as long as possible?

Reasons below:

1. I bought an unsold unit and only 30 days are given to rectify defect(stated in SPA). Clearly will need go into pain in the ass discussion to have that extended given current situation
2. The waiting time while allowing loan to be disbursed would mean i have to begin my loan repayment monthly already while nothing can be done to kick start my timeline to prepare moving in (rectify, reno, whatnot)
3. Wish to minimize outdoor activity as much as possible given cases daily are still sky high.

Any sifu can share knowledge and experience on this?

I've consulted the same lawyer and he seems abit reluctant but we've we agreed to touch base again 2 weeks later.
Just wanna in case, asking here if there are things i should be aware of.


TIA

Don't worry lar. Officially lawyer office and pejabat tanah also closed. Actually nothing can be done about it.

And also, if anything to do with government order, those rules are superseded and extend accordingly. If go to court, they (developer, I assume) they also lose case one.

But apart from what I'm saying above, I believe lawyer can rectify it.

Actually u can try to discuss with lawyer to ask them come to you for documentation signing since they say "they got approved MITI letter". The documents to be signed, I believe is Loan Agreement instead of SPA.

Please correct me if I'm wrong in any part of above.

Congrats bro. Anyway lawyers got MITI approval yest.

Ask them to courier it to your house and to sign via a call.

But I think they need to be in front of u upon u signing as witness. No?

In the SnP, purchaser must pay the balance of purchased price within the time period stated, otherwise penalty interest will be charged or in worst case, the seller can void the contract and forfeit the deposit paid due to breach of agreement.

How the purchaser will be paying is not a concern for the seller. If is through bank loan, the purchaser must ensure payment are executed within the agreed time frame.

Whether the seller agreed to an extension, one has to study the terms of SnP relating to completion. If none is stated and if the seller grant extension, is out of goodwill.

FMCO doesnt mean everything have to stop. Agreement can be signed. Stamping or land office matters can be done later.

This post has been edited by mini orchard: Jun 30 2021, 08:32 AM

Legal firms can now operate actually.. only thing land office is not open yet. Seems like you bought a unit from a developer.. I believe the solicitor would represent the developer, if you have gotten free legal fees..

I bought a property via subsales recently too, just before the FMCO. The SPA docs was couriered to me

This post has been edited by propertyfeature: Jun 30 2021, 10:21 AM

I have signed Snap virtually as well. No requirement to be infront. Video zoom call is sufficient.

Yes. It is true. Agreement can be signed in no time once prepared.
But if no proper procedure like stamping, bank also cannot release the money.

"I understand that once loan with bank is approved, it has to be released within 3 months otherwise forfeited (betul ka?) Any risk if i wish to delay this as long as possible?"

I was referring on TS's risk and his question number one as well.

Oh... Ini mcm pun boleh. Thanks for sharing.

If banks cannot release payment because of stamping, then purchaser pay late payment interest.

Developer is not a party to the Loan Agreement. They will demand payment from purchaser once is due.

SPA stamping is under responsibility of developer right? I just bought a property during end of May, signed the SPA and Loan offer, but not yet signed the loan agreement. Till now SPA also not yet stamped but developer asked for progressive payment already

Huh? How bank release money to developer if there proper procedure is not done at the first place?

Ayam confuse now.

Huh? Ini mcm boleh meh? Got consult banker or lawyer ka?
Hmmmm.....

Your loan total is 100%? 90%? 80?

Your oredi answer your own question.

I think ayam kompused between late payment charges to developer and overdue payment charges to bank.

This post has been edited by mini orchard: Jun 30 2021, 03:14 PM

not here how valid is the SNP, but from my lawyer it is not recognize in MY law

I think you need to change your lawyer. As long as they see you signing each page they can authorize it later on. My lawyer is a big big firm ya.

Well apparently for the video call thing... I was told that its more like a "proceed with caution" thing because the law ain't clear in Malaysia. So no right / wrong here.

Lawyer and client can agreed on any form of signing, how is carried out is between the two. Methods doesnt matter if neither disputes the authenticity of the signature.

Any methods other than signing infront of the lawyer is based on previous lawyer client relationships.

Like people used to say if you and I keep quiet, the whole world wont know.

Wanna ask also if housing loan approved now and signed Loan offer letter, both SNP and Loan agreement can sign after MCO(which could be few mth later) right?

Asked both banker and SA, both say no issue. So just wanna reconfirm with sifu

This post has been edited by hakkai0810: Jul 1 2021, 05:30 PM

Loan Offer Letter is just an intention to proceed to sign the LA to make it legal.

No problem if is delay. The bank may need to revise a new offer or you can request for new if interest rate drops.

"I understand that once loan with bank is approved, it has to be released within 3 months otherwise forfeited (betul ka?) Any risk if i wish to delay this as long as possible?"

is this true ? even signed loan agreement ?

Bank release loan sum based on LA and NOT the offer letter. The forfeiture issue doesnt arise if LA is not sign but the bank can revoke the offer letter if borrower delay in signing the LA.

If the LA is signed, bank will release the loan sum as specified in the SnP.

It all depends on how quick the developer is requesting from the bank. I thk diff bank has diff buffer time. Like mine rhb gave me 3 mths.

(a) The law on witnessing a signature via video conferencing is uncertain. The law
is silent as to the circumstances when this kind of witnessing will be legally
valid.

(f) For the above reasons and to avoid the risks involved, the CPC is of the view
that a solicitor should not witness signatures via video conferencing

source : https://www.malaysianbar.org.my/cms/upload_...%20084-2020.pdf

if there's no dispute i guess it is fine. but when there's a dispute there will be a grey area.. what my lawyer advise seems fine to me as i don't want any dispute to happen later which doesn't protect me

Good to hear that. Thanks

What dispute will happen if sign other than in the presence of a lawyer ? The signatory gonna denied is his signature ?

What if the listed property is fully furnished written in SNP but seller removed the furnishing without u knowing just an example

You and lawyer at fault without attaching the inventory list to SnP.

Fully firnished can mean so many things inside the property

Btw why fully furnished problem have to do with how and where the SnP is sign ? Purchaser is to read and understand the terms b4 signing the SnP.

This post has been edited by mini orchard: Jul 3 2021, 07:11 PM